The Amazing Branch Mint Error Rarity Graded VF35 by PCGS

Coming on the heels of Heritage’s offering of a 1943 bronze cent struck at Philadelphia in their January 2010 FUN Auction, Heritage has just sold this 1943-S bronze cent in the February 2010 Long Beach Auction.

Few coins are so misunderstood, so mysterious, so legendary as the 1943 cents struck in bronze, known informally as the 1943 “copper” cents.

In 1943, the U.S. Mint switched from bronze to zinc-plated steel for cent coinage in an effort to conserve copper for use in World War II. Over a billion “Steel Cents” were struck by the three Mints combined in 1943, though a majority of the known 1943 “copper” cents were struck in Philadelphia, not Denver or San Francisco. Fewer than 20 are known.

Most experts believe the error occurred when left-over bronze planchets were mixed with a batch of the new Steel planchets that went through the usual striking methods, then escaped into circulation.

An article by Gary Eggleston stated “In the June issue of the “Numismatist,” 1947, it was reported that a Dr. Conrad Ottelin had discovered a 1943 bronze Lincoln Head cent. A few weeks before Dr. Ottelin’s discovery, Don Lutes, Jr., a 16 year old from Pittsfield, MA, found one in his change from the high school cafeteria. Then in 1958, a boy named Marvin Beyer also found the 1943 bronze cent. With the publicity from all three finds, and estimates that these coins could sell for at least 5 figures (at that time) at auction, a national frenzy was created. Every man, woman and child sifted through their pocket change looking for their fortune.” (more…)

UPDATE: Legendary 1936 Dot Cent–Finest of Three Known had been sold to an identified buyer for  $402,500.

Pre-sale estimates of the coin valued it at around $300,000. The penny was part of one of the most valuable Canadian coin collections ever offered at auction, however while the 1936 penny is certainly among the priciest Canadian coins ever sold, it did not a new record for the country. A 1911 Canadian silver dollar — one of only two known to exist — was sold in 2003 to a Canadian collector for $1.1 million

Heritage’s  2010 January Signature World Coin Auction features quite a number of great coins, but none are as famous as the legendary Canadian 1936 Dot Cent. This coin, struck in 1937 prior to the creation of coinage dies for George VI but never released for circulation, has seen its reputation grow exponentially since its discovery.

In early 1936, Great Britain’s George V passed away and was succeeded by his son King Edward VIII. As was common practice, for the remainder of 1936 the coinage continued to have the effigy of King George V. Toward the end of the year, and throughout the British Commonwealth coinage, models were made and dies produced with the effigy of King Edward VIII, but upon Edward’s abdication the dies were no longer valid and a severe shortage of Canadian 1, 10, and 25 Cent pieces arose in early 1937.

Because of the shortage, Canada was forced to continue producing coins dated 1936 with the portrait of King George V. Canadian authorities felt a need to distinguish this 1937 mintage from the 1936 production and a small Dot was placed on the reverse of the 1, 10, and 25 Cent coins. The dot is under the date on the 1 Cent coin, and under the bow on the wreath of the 10 and 25 Cent coins.

History tells us that only the 25 Cent piece was placed in circulation and that three pieces of the Dot Cents, and four pieces of the Dot 10 Cents are the only surviving examples. (more…)

by Doug Winter – www.RareGoldCoins.com

In numismatics, there are essentially two types of coins. There are coins that are condition rarities and there are coins that are absolute rarities. A condition rarity is a coin whose value is primarily derived from its high degree of preservation. An absolute rarity is a coin whose rarity is based more on the total number known to exist than its grade. As a long-time participant in the coin market, I tend to prefer coins that are absolute rarities.

Let’s take a look at a few specific coins that easily fall into one of the two categories. Then, let’s take a look at another category (and for my money the most interesting): a coin that is not only an absolute rarity but a condition rarity as well.

Most new collectors buy coins based on condition. This makes sense. They are introduced to coins through mass marketers or they buy modern coins directly from the United States mint. Mass marketers can’t sell absolute rarity for an obvious reason: there isn’t a large enough supply and mass marketing entails selling products on a large scale.

Certain mass marketed coins aren’t strictly condition rarities in the truest sense of the word. A coin that most people would consider to be a condition rarity would be a common date St. Gaudens double eagle in MS65. But this really isn’t the case. A damaged, virtually destroyed Saint has a current market value of around $1,200 while an MS65 is worth $2,500. The 2x value ratio for a Gem is low when compared to the basal value.

A coin that I would consider a classic condition rarity is an Indian Head half eagle. This is a coin that is worth just a bit over $300 in very low grades but over $15,000 in MS65. That’s a 300x value ratio. I appreciate the fact that a true MS65 Indian Head half eagle is a reasonably scarce coin. But I have a hard time attributing this much value to a high grade example, especially based on the fact that the series is not terrifically popular with date collectors. (more…)